VEGOILS-Palm edges higher after 3 days of falls on weak ringgit

* Upside limited amid high stocks, declining exports -

trader

* Palm may bounce towards to 2,199 ringgit/tonne -

technicals

By Liz Lee

KUALA LUMPUR, Oct 26 (Reuters) - Malaysian palm oil futures

rose slightly on Friday after three straight sessions of falls

due to a weaker ringgit, but the vegetable oil was headed for a

second weekly drop in three.

The ringgit fell 0.17 percent against the dollar,

making palm oil more attractive to buyers holding foreign

currencies.

The benchmark palm oil contract for January delivery

on the Bursa Malaysia Derivatives Exchange was up 0.1

percent at 2,178 ringgit ($521.68) a tonne at noon, after

hitting its lowest level since Oct. 11 at 2,166 ringgit in the

previous session.

Trading volumes stood at 8,931 lots of 25 tonnes each at the

midday break. (1FCPO-TOT)

Market sentiment for palm oil futures remained subdued, said

a Kuala Lumpur-based trader.

"The upside for palm is limited on concerns of high stocks

and slow exports, although a weak ringgit is providing some

support," she said.

Another trader said they were waiting for signs of either

more demand or slower production, "else prices will go to 2,000

ringgit level".

Malaysian palm oil production is seen rising towards the

year-end, in line with seasonal trend, before tapering off early

next year.

Palm oil inventories in September rose to their highest in

eight months as production levels came in higher than exports.

(MYPOMP-CPOTT)

Exports of Malaysian palm oil products during Oct. 1-25 fell

20.2 percent from a month earlier to 1,085,364 tonnes, cargo

surveyor Societe Generale de Surveillance said on Friday.

Weaker crude oil prices also weighed on the palm oil market.

Palm oil is used as feedstock to make biodiesel, and is less

price competitive when crude oil prices are low.

In other related oils, the Chicago December soybean oil

contract rose as much as 0.11 percent, while the January

soybean oil contract on the Dalian Commodity Exchange

gained 0.14 percent.

Meanwhile, the Dalian January palm oil contract

climbed 0.09 percent.

Palm oil prices are affected by movements of other edible

oils as they compete for a share in the global vegetable oils

market.

Palm oil may bounce towards a resistance at 2,199 ringgit

per tonne, having found a support at 2,161 ringgit, said Wang

Tao, a Reuters market analyst for commodities and energy

technicals.

Palm, soy and crude oil prices at 0503 GMT

Contract Month Last Change Low High Volume

MY PALM OIL NOV8 2071 +0.00 2070 2079 287

MY PALM OIL DEC8 2127 +1.00 2125 2135 2001

MY PALM OIL JAN9 2178 +2.00 2175 2186 4271

CHINA PALM JAN9 4680 +4.00 4658 4698 148514

OLEIN

CHINA SOYOIL JAN9 5688 +8.00 5658 5706 184924

CBOT SOY OIL DEC8 28.42 +0.03 28.34 28.46 2903

INDIA PALM OCT8 578.00 -0.20 575.00 578.7 31

OIL

INDIA SOYOIL NOV8 757.2 +1.00 753 758.65 1650

NYMEX CRUDE DEC8 66.80 -0.53 66.61 67.04 33394

Palm oil prices in Malaysian ringgit per tonne

CBOT soy oil in U.S. cents per pound

Dalian soy oil and RBD palm olein in Chinese yuan per tonne

India soy oil in Indian rupee per 10 kg

Crude in U.S. dollars per barrel

($1 = 4.1750 ringgit)

($1 = 6.9597 Chinese yuan)

($1 = 73.4050 Indian rupees)

(Reporting by Liz Lee; Editing by Subhranshu Sahu)